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Two Reversal Bar Entry System

  • #281
  • Jan 21, 2011 8:28am Jan 21, 2011 8:28am
Quoting Wandler
...


can not understand why you have made this trade so late.

can you explain it to me ... Many thanks in advance.

PS.:
My Trade to day (EU Sassion):
EURUSD long
NZDUSD long
USDCAD short
The problem I am seeing is that I do not have big enough picture of the marketplace. That means not just one currency pair but the mood of the whole market because all the pairs are interrelated.
You are helping us to see how this very important and how to evaluate this. So this is very much appreciated.
For someone who wants to just try to catch 5 or 10 pips here or there they may try to do this with just mechanical means on a short time frame, but if we want nice gains with good risk to reward, then we must look at the bigger picture.
  • #282
  • Jan 21, 2011 8:41am Jan 21, 2011 8:41am
I hope we can learn from each other.

Current situation (16 Clock signal)

GBPUSD ... up (signal Long)
USDJPY ... up

GBPJPY is interesting ... Signal Long.
  • #283
  • Edited 9:07am Jan 21, 2011 9:05am | Edited 9:07am
Quoting Saidar
Something weird happened to me, my alert dialog box is missing cannot find it! Read that it happens when you move multiple monitors around. Will first have to fix this issue before I can test the indi.
Hold down alt and space, then press "m" and click < > arrow keys until it appears, if not after 10-15 clicks in one direction use other arrow. It will finally come sliding onto present screen.

Thanks for the alert, Paul
  • #284
  • Jan 21, 2011 9:46am Jan 21, 2011 9:46am
Quoting Wandler
I hope we can learn from each other.

Current situation (16 Clock signal)

GBPUSD ... up (signal Long)
USDJPY ... up

GBPJPY is interesting ... Signal Long.
You are using setting for reversal breakout candles 60min?
  • #285
  • Jan 21, 2011 9:49am Jan 21, 2011 9:49am
I am done trading for the day and the week.
Will check back to the thread from time to time. And put some time into research and study.
It was a good week.
Next week will be good too.
Enjoy the weekend.
  • #286
  • Edited 9:26pm Jan 21, 2011 9:15pm | Edited 9:26pm
Quoting jiva34
You are using setting for reversal breakout candles 60min?
I use MTF.
I trade the price ... depending on price ... 2 Rev. Bar Strategy.

My English is bad ... perhaps as:
It is not important to me how much I win, it's important that I win.

If you knew 100% that you win with next trade 10 pips, would you be tomorrow Millionaire ... You know what I mean?!
Or perhaps so:
What is better ... 90% chance to win 10 pips or 10% to win 100 pips?!
The answer is ... your RR and good nerves.

That is why I say one more time ... MTF, MD, News and MM.

About EA ... I can program, but ... OK, another Thread.

Very good week ... Enjoy the weekend.

best regards, Wandler.
  • #287
  • Jan 21, 2011 11:40pm Jan 21, 2011 11:40pm
Quoting Wandler
I use MTF.
I trade the price ... depending on price ... 2 Rev. Bar Strategy.

My English is bad ... perhaps as:
It is not important to me how much I win, it's important that I win.

If you knew 100% that you win with next trade 10 pips, would you be tomorrow Millionaire ... You know what I mean?!
Or perhaps so:
What is better ... 90% chance to win 10 pips or 10% to win 100 pips?!
The answer is ... your RR and good nerves.

That is why I say one more time ... MTF, MD, News and MM.

About EA ... I can program, but ... OK, another Thread....
I think this is a very good way to make decisions when a signal does appear.
Already it is know what direction the pair is most likely to move.
Just using indicators like moving average or others, macd etc is not so reliable but can help.
But even better to have the benefit of understand the correlations between pairs.
So to be looking for a signal short because it is already determined the pair is moving down. A really good way to determine trend.
This is new to me although I knew some traders do this. Correlations. So maybe it will take a little time to get it right. Starting now.
Go Wandler!!!
  • #288
  • Jan 21, 2011 11:52pm Jan 21, 2011 11:52pm
Quoting Wandler
I hope we can learn from each other.

Current situation (16 Clock signal)

GBPUSD ... up (signal Long)
USDJPY ... up

GBPJPY is interesting ... Signal Long.
The forums are excellent facility for learning from each other. The free exchange of ideas and techniques creates a fertile atmosphere for development of strategies.
I think this kind of free exchange of ideas is going on in all areas of human endeavor right now. It is very exciting time.
Communication...
Across all geographical, philosophical, religious, gender, racial, etc. A real revolution. Forums, networking... There is a huge communication wave or undercurrent that is sweeping human society. Internet infrastructure.
The main body of society is still somewhat asleep but the communication system is waking up. Like the nervous system.
Just miraculous.
Okay, off topic a bit.
But yes we can learn from each other..
  • #289
  • Jan 21, 2011 11:54pm Jan 21, 2011 11:54pm
this is interesting topic, thank you for sharing.
mason
  • #290
  • Jan 22, 2011 4:03am Jan 22, 2011 4:03am
Here they come. The march of the indicators.
Usually when the chart starts getting crowded with them it means I've lost focus.
We shall see. Am experimenting with cci 2 settings.
14 and 55.
It is little helpful in simulated practice sessions to get a better entry when a breakout signal appears.
I am little surprised to see that cci repaints?
Comparing screenshots there is definitely repainting.
But still the indicator was helpful to avoid bad entries even if it did repaint later, at the time the entries were too early after a signal due some retracing before the main move.
The check mark on the chart shows where the 55 cci was above the 0 line when the long was taken but later it is showing below. The candle had closed when the cci was above 0, I am pretty sure of that. Will keep on the watch.
Am looking for both cci's to be going in the direction of the signal. If they both cross the 0 line is it strong affirmation.

macd is there primarily to mark possible exits on a cross.
Attached Image (click to enlarge)
Click to Enlarge Name: cci1.gif Size: 56 KB
  • #291
  • Jan 22, 2011 4:11am Jan 22, 2011 4:11am
Another example of what I was looking for for confirmation of a signal
Here the cci did not repaint very much and stayed above 0.
Attached Image (click to enlarge)
Click to Enlarge Name: cci2.gif Size: 60 KB
  • #292
  • Jan 22, 2011 4:23am Jan 22, 2011 4:23am
whoa, this is really strange. It is not repainting exactly. It appears that by dragging the chart view to the left or the right it changes the visually representation of the indicator in relationship to 0.
Yikes...
a bug in the graphics...
no wait, it's a bug in my brain!!!!
the cci's are superimposed and each has it's 0 line...
okay I need toi find the cci coded by Bob I have in my files somewhere where 2 (even 3) settings of cci are in sync...

I like the idea behind this but now I have get the details right... nuts and bolts...
  • #293
  • Jan 22, 2011 5:23am Jan 22, 2011 5:23am
Quoting Wandler
I use MTF.
I trade the price ... depending on price ... 2 Rev. Bar Strategy.

My English is bad ... perhaps as:
It is not important to me how much I win, it's important that I win.

If you knew 100% that you win with next trade 10 pips, would you be tomorrow Millionaire ... You know what I mean?!
Or perhaps so:
What is better ... 90% chance to win 10 pips or 10% to win 100 pips?!
The answer is ... your RR and good nerves.

That is why I say one more time ... MTF, MD, News and MM.

About EA ... I can program, but ... OK, another Thread....
Ea is very good in many ways. Although I have not found one that is reliable enough for me to put real money, I have learned very much about trading by studying how to make the ea itself and also by testing it.
Maybe at some point we would want to develop automatic trades but I think we would have to get the strategy to be very, very reliable first.
  • #294
  • Jan 22, 2011 12:16pm Jan 22, 2011 12:16pm
Quoting plind
Hold down alt and space, then press "m" and click < > arrow keys until it appears, if not after 10-15 clicks in one direction use other arrow. It will finally come sliding onto present screen.

Thanks for the alert, Paul
Thanks a million I would never have figured that ou!
  • #295
  • Jan 22, 2011 12:18pm Jan 22, 2011 12:18pm
Quoting jiva34
Ea is very good in many ways. Although I have not found one that is reliable enough for me to put real money, I have learned very much about trading by studying how to make the ea itself and also by testing it.
Maybe at some point we would want to develop automatic trades but I think we would have to get the strategy to be very, very reliable first.
An EA that actually makes money will be the holy grail of forex. I myself am a bit skeptic if it can be done, but short term strategies does work.

A better way to use an EA is to decrease your time in front of the PC. All you have to do manually confirm if the trade is good or not and let the EA handle everything from there on. That works like a charm
  • #296
  • Edited 1:56pm Jan 22, 2011 1:39pm | Edited 1:56pm
Quoting Saidar
An EA that actually makes money will be the holy grail of forex. I myself am a bit skeptic if it can be done, but short term strategies does work.

A better way to use an EA is to decrease your time in front of the PC. All you have to do manually confirm if the trade is good or not and let the EA handle everything from there on. That works like a charm
Yes, supervision needed for our automated friend.
Better if he asks permission first to spend our money.
He has a good idea and then we approve or not.
The robot works for us... But we must be the boss...
I agree..

The indicator works for us too, but he does not know how to actually trade. He just likes to point things out. If he works with the adviser they can be a good team. But we must be the boss.

Traders have the idea to let these workers have free reign. Just set the adviser up and go on vacation come back a millionaire. Nice dream.

http://t2.gstatic.com/images?q=tbn:A...0Fv9x84ZaxVpbQ


Come back and find you have to live in your car, workers have spent all your money. And your trading business is finished.

http://t3.gstatic.com/images?q=tbn:A...fkehzcXAmz5RsQ




  • #297
  • Edited 2:27am Jan 23, 2011 2:01am | Edited 2:27am
Quoting jiva34
Yes, supervision needed for our automated friend.
Better if he asks permission first to spend our money.
He has a good idea and then we approve or not.
The robot works for us... But we must be the boss...
I agree..

The indicator works for us too, but he does not know how to actually trade. He just likes to point things out. If he works with the adviser they can be a good team. But we must be the boss.

Traders have the idea to let these workers have free reign. Just set the adviser up and go on vacation come back a millionaire. Nice dream....

LOL, I like your visuals hehe. I'm busy with an EA, will post it at my forum when finished.

I'm not sure if this has been discussed, but should we not pay attention to the candle stick pattern? Some candle sticks should obviously not be taken as they can be a trend reversal pattern or whatever..

http://candlestickforum.com/PPF/Para...andlestick.asp
  • #298
  • Jan 23, 2011 2:33am Jan 23, 2011 2:33am
Quoting Saidar
LOL, I like your visuals hehe. I'm busy with an EA, will post it at my forum when finished.

I'm not sure if this has been discussed, but should we not pay attention to the candle stick pattern? Some candle sticks should obviously not be taken as they can be a trend reversal pattern or whatever..

http://candlestickforum.com/PPF/Para...andlestick.asp
Definitely. I may have not stated that enough. I think I see it as a given.

For the ea, keep me up to date...
  • #299
  • Edited 5:42am Jan 23, 2011 2:36am | Edited 5:42am
Okay, I found the file I was looking for DRBobcci.
too many indicators is a mess for trading.
cci to help with entry, macd for exits and general trend.
maybe it is not too many.
the chart shows what I am looking for on the 15 min when there is a 2bar reversal signal on the 4hr.
Time of day, news, correlations these are to be considered also.
Attached Image (click to enlarge)
Click to Enlarge Name: cci.gif Size: 61 KB
Attached File(s)
File Type: mq4 DRBobCCI.mq4   4 KB | 348 downloads
File Type: tpl 240ccisummer.tpl   113 KB | 275 downloads
  • #300
  • Jan 23, 2011 2:54am Jan 23, 2011 2:54am
Quoting jiva34
Definitely. I may have not stated that enough. I think I see it as a given.

For the ea, keep me up to date...
Bullish/Bearish engulfing patterns seems to give the highest propability trades.
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